Weaknesses In A Risk Management System

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Risk Management. Risk management involves analyzing any foreseeable factors that may lead to a project not proceeding as planned, and should be part of the project planning process (CSU-Global, 2013e). Risk management is generally analyzed in the planning phases, executed throughout the project, and continually addressed during monitoring and controlling phases, therefore, risk management is an essential component to reaching satisfactory project results. Weaknesses in a risk management system can affect project organization, implementation, strategy, and the leaderships perspective on project outcomes. When developing risk management plans, project mangers should use the widely accepted policies published by PMBOK which include: risk management …show more content…
Many software companies have developed ways to determine the current status of a project, specifically in terms of cost, time, and performance. Leveraging this vital tool and resource has made analysis even easier for businesses to complete, and is becoming a must-have in business today. Project management tools have evolved from simple spreadsheet products to sophisticated, web-based information portals. The various computer software that allows project managers to input and analyze data for projects, still require background knowledge regarding the information that is used to create the figures being …show more content…
There are numerous project update templates, which include but are not limited to: issue log templates, project status report templates, scope change templates, and change management log templates. Again, computer software tools may assist with creating, using, and following up with the completion of action items entered into these templates. Project Management Guru (2012b), indicates that the need for these templates increase as the complexity of projects increase, especially when project activities are conducted in multiple locations, or when there are multiple phases, such as projects carried out by GIG. A change management log in particular enables project managers to identify sub-project tasks that may have been affected, and permits them to track the items adjusted to ensure that they get

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